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February 25, 2025
To those who say you can’t have too much of a good thing…meet Cobalt
DRC suspends cobalt exports for four months trying to rein in oversupply on the international market, as prices crash below $10/lb. Cobalt hydroxide, main form of the metal produced in Congo, slid below $6/lb.—levels not breached for 21 years,apart from a brief dip in late 2015, according to Fastmarkets data.
Cobalt production in the DRC– which produces about 75% of the material used in electric-vehicle batteries – has soared in recent years, as China's CMOC Group Ltd. ramped up output at two large mines in the country causing supply to race ahead of demand and prices to tumble.
About two-thirds of global cobalt mine supply is owned by companies from China, which accounted for an equivalent share of cobalt demand last year, according to specialist trading house Darton Commodities.
February 19, 2025
$NGEX.TO Drills 53.50m @ 7.79% CuEq, 75.45m @ 4.95% CuEq, & 15.25m @ 16.56% CuEq at Lunahuasi
Some more excellent results from $NGEX.
DPDH028 (53.5m @7.79% CuEq) and DPDH029 (157m @ 2.16%CuEq) are large step-outs from previously intercepted mineralization.
DPDH028 is deeper and to the west of all previous holes and is open in all directions.
Drilling to date has now encountered mineralization over a minimum north-south extent of just over 1km from DPDH025 in the north to DPDH029 in the south, a minimum vertical extent of just over 1km and a minimum east-west extent of also just over 1km.—That's a lot of Rock—and Copper! 🪨
February 13, 2025
‘The Opec of nickel’: Indonesia controls the critical metal
Indonesia controls more of the world's supply of nickel than Opec did of oil at the cartel's peak in the 1970s of a critical metal
In 2014 the Indonesian government took the drastic step of announcing a ban on all exports of raw nickel.
The decision encouraged Chinese companies to spend billions of dollars to set up processing plants in Bahodopi and across other parts of the country of 281 million.
The transformation has been a remarkable turnaround for a country that a decade ago was not even a major player in nickel. Although Indonesia held the world's largest reserves — about 55mn tonnes as of 2024, according to the US Geological Survey — most of it was low-grade nickel that it had not yet figured out how to process efficiently.
With the help of Chinese technology, huge investments from Beijing and a dose of protectionism, Indonesia has gained control of the market and cemented itself as the epicentre of global nickel production for years to come.
Last year, Indonesia accounted for 61% of the global refined nickel supply up from just
February 12, 2025
$GOLD Barrick Q4, 2024 results
Production 3.91MM Oz. Gold @ AISC $1451/oz.
Net earnings +69% to $2.14 billion,
Adjusted net earnings +51% to $2.21 billion,
Attributable EBITDA +30% to $5.19 billion for 2024 — highest in a decade.
YOY operating cash flow +20% to $4.49 billion,
Free cash flow, +100% to $1.32 billion,
Quarterly dividend of $0.10/share maintained, bringing total annual dividend paid to shareholders to $696 million, and a further $498 million in share buybacks.
Full release here:
https://www.barrick.com/English/news/news-details/2025/q4-2024-results/default.aspx
https://www.barrick.com/English/news/news-details/2025/q4-2024-results/default.aspx
February 10, 2025
Gulf States' Attraction to Metals Continues
Gulf states are getting further involved in the metals & energy supply chain, setting up trading units for their own production and needs, and setting up funds to take stakes in mining companies and projects.
Minerals Development Oman, the state-owned mining company, is also in the process of hiring a top executive to lead a 25-person trading team, according to MDO's chief executive, Mattar Al Badi.
Saudi Arabia's State-owned miner
February 9, 2025
WPIC expects platinum market to remain in deficit through 2029
WPIC expects platinum market to remain in deficit through 2029f, averaging 672 koz pa from 2026 to 2029, or ~ 8% of demand.
Expect deficits in Palladium to 2027f (previously 2025f) before market surpluses emerge from 2028f.
The themes previously highlighted are persisting.
Investment demand: forecasts stable growth of ~150 koz off 2024 levels for platinum, using 10-year historic averages.
Automotive sector: slowing demand growth in light vehicle electrification is entrenched. Accordingly, WPIC expects a long tail in automotive platinum group metals (PGM) demand, with modest erosion of -1.4% CAGR for platinum and -1.0% CAGR for palladium through 2029f. Updated automotive outlook includes a deferred fuel cell electric vehicle ramp up.
Jewellery and industrial applications: platinum demand is forecast to record 1% growth p.a. in both to 2029f, while palladium's price pull-back should incentive great use in jewellery and industrial applications over the next five years.
See more on Platinum's insufferable price action here:
Will Platinum ever regain its lustre?: https://mastermetalsblog.blogspot.com/2025/02/will-platinum-ever-regain-its-lustre.html
February 7, 2025
Marking to Market US Gold Reserves would inject ~$800 Billion to Treasury
Those coins in the couch are worth a lot!
FT's Gillian Tett reports, "Hedge fund contemporaries of Scott Bessent, the hedgie-turned-US Treasury secretary, are speculating about a revaluation of America's gold stocks. Currently, these are valued at just $42 an ounce in national accounts. But knowledgeable observers reckon that if these were marked at current values
February 6, 2025
Gold Miners waking up!
Nice day for the larger miners -- large cap no longer applies to these minnows... the biggest, $NEM & $AEM @ ±USD50BN each, are still worth less than what the mag 7 lose in a day... pic.twitter.com/1v3bDAVNfg
— MasterMetals (@MasterMetals) February 6, 2025
____________________________________________________Break out spreading out among the Gold producers—even $SSRM. Can’t really say the same for $BTG… $AAUC.TO $AEM $LUG.TO $FVI.TO $FSM $EQX $MKO.V $CXB.TO $GMIN.TO $SKE.TO pic.twitter.com/M9ZMsbLdEn
— MasterMetals (@MasterMetals) February 5, 2025
February 3, 2025
Will Platinum ever regain its lustre?
Some of us remember a time when Platinum traded at a premium to Gold.
Since 2008, the premium turned to a discount—and it has never recovered…
Gold has doubled since then, while platinum is now down 30%…
Will Platinum ever shine again?
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- $FM.TO First Quantum Minerals Ltd. reports that, following discussions with legal representatives of the Government of Panama, it has agreed to withdraw from the ICC arbitration proceedings. It has also agreed to suspend arbitration under the FTA. The company reiterates its https://bit.ly/3YcXr1r - 3/31/2025
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- Gold rally finally attracts investors back to mining stocks after months of outflows - 3/25/2025
- $3000 Gold - 3/19/2025
- To those who say you can’t have too much of a good thing…meet Cobalt - 2/25/2025
- $NGEX.TO Drills 53.50m @ 7.79% CuEq, 75.45m @ 4.95% CuEq, & 15.25m @ 16.56% CuEq at Lunahuasi - 2/19/2025
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